The US Federal Reserve voted to raise interest rates on Wednesday for the first time since 2023 as the central bank continues to fight to tamp down inflation.
Trump said the US would make “at least 1.5 Trillion Dollars a year” if it were to stop trading with countries with which it has a deficit.
New projections showed a majority of officials penciled in another rate hike before the year’s end, with four officials predicting the Fed’s benchmark interest rate would reach a range of 4.25% to 4.5% by the end of the year.
After inflation reached a generational high of 9.1% in June 2022, the Fed increased rates 11 times from 2022 and 2023.
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Summarized version
Concerns about inflation have induced a sell-off in the US bond market, with the yield on the 10-year treasury note hitting a 19-year high earlier this week.
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The article, shortened and in plain language
Trump urges lower rates after central bank agrees increase by quarter-percentage point to range of 3.75% to 4%.
The US Federal Reserve voted to raise interest rates on Wednesday for the first time since 2023 as the central bank continues to fight to tamp down inflation.
The Fed’s open market committee voted unanimously to raise its benchmark interest rate by a quarter-percentage point to a range of 3.75% to 4%.
After the announcement, Trump said in a Truth Social post that interest rates should be 1% or less and criticized the US trade deficit. Trump said the US would make “at least 1.5 Trillion Dollars a year” if it were to stop trading with countries with which it has a deficit.
Though Warsh acknowledged changing geopolitics, he avoided calling out the US-Israel war with Iran by name.
New projections showed a majority of officials penciled in another rate hike before the year’s end, with four officials predicting the Fed’s benchmark interest rate would reach a range of 4.25% to 4.5% by the end of the year.
At its last meeting in late July, the open market committee voted 9-3 to maintain rates, the first time in 10 years that so many members shared dissent on a policy decision.
After inflation reached a generational high of 9.1% in June 2022, the Fed increased rates 11 times from 2022 and 2023.
In August, hourly earnings for workers decreased by 0.1% year-over-year after accounting for inflation and fell by 0.3% from the month earlier.
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